KUALA LUMPUR May 11 A Malaysian property
developer plans to list the Pavilion Kuala Lumpur development
whose assets are worth up to 5 billion ringgit ($1.7 billion),
in what could be the country's largest IPO of a real estate
investment trust, the Business Times newspaper reported on
The report quoted unnamed sources as saying that Desmond Lim
Siew Choon, who controls property developer Malton Bhd
, could list Pavilion as early as end-2011. CIMB
Investment Bank , Credit Suisse and Maybank Investment
are handling the deal, it said.
Malton could not be immediately reached for comment.
The Pavilion Kuala Lumpur development includes a mall and
residential units. The paper said its assets are worth between
4-5 billion ringgit and the mall is owned by Urusharta Cemerlang
(KL) Sdn Bhd, a joint venture between Urusharta Cemerlang
Development Sdn Bhd and Qatar Investment Authority.
($1 = 2.988 Malaysian Ringgit)
(Reporting by Razak Ahmad; editing by Liau Y-Sing)